Originally Posted by Thurston
This essentially matches my understanding. The one exception is your final statement. I believe that all Ivies now offer grants exclusively. In other words, financial aid, while syill need-based, is never repaid. I think that Penn was the last school to go this model about a year ago.
The Ivy's are using a family income model, for example, if your family income is less than $60K, then you will not be required to borrow money as part of your financial aid package. You will receive a combination of other aid which might include grants or work-study. The family income amount varies by school. And, depending upon income, families may still have a family contribution.
As for athletic scholarships, the Ivy's do not have athletic scholarships. But, if you are a difference maker athlete, such as a hockey player at Cornell, and you can get in on the academic merits, the school will find a way to make it affordable.